Building an Industry-Leading Operating Model for Asset Management Success

We transformed outdated systems into a powerhouse of performance while revolutionising front-to-back operations.

The Challenge

A leading asset manager found itself facing some real challenges with its old Front Office system, AMS. It was outdated and built on a legacy structure, making it tough to manage and govern. This created a number of hurdles in keeping up with the demands of modern portfolio management, like:

Navigating complex portfolio management strategies
Dealing with rising trading volumes
Meeting intricate compliance requirements
Ensuring strong data management to support the front office and make reporting to clients smoother
Reducing the strain of on-premise systems by moving to a fully hosted front-to-back office solution

These limitations were holding the client back from managing their operations efficiently, so it was clear they needed to move to a more modern, scalable solution.

Our Approach

To tackle these challenges, the client brought us on board to help implement the State Street Alpha platform, a fully hosted front-to-back office solution tailored for complex portfolio management. We focused on several areas:

Upgrading the Order Management System (OMS) to the Charles River Investment Management System (CRIMS): This switch gave us the tools we needed to support modern portfolio management strategies and handle increased trading volumes, all while enhancing governance and compliance.
Creating a solid data management strategy and integrating a data warehouse: We streamlined data management across the front and back office, making reporting more efficient and improving data accuracy. This included designing, configuring, and integrating the Alpha Data Platform (ADP) built on Snowflake, allowing the client to maintain and grow their reporting capabilities in the future. Additionally, our close collaboration with State Street resulted in the first-ever market-ready iteration of ADP, a significant milestone for the platform’s industry readiness.
Leading the custodian migration from RBC to State Street and developing a custody and TA operating model: We managed both analysis and delivery for this migration, ensuring smooth transition and operational alignment. Our work on the custody and Transfer Agency (TA) model has provided an operational framework now available to other clients.
Enhancing performance and attribution capabilities: Collaborating with the client and State Street, we integrated third-party tools like MSCI to build out performance and attribution capabilities. These interfaces are now widely used across several clients, highlighting the extended reach and impact of our solution.

By aligning all these solutions, we helped the client create a scalable and future-ready operating model.

The Results

Industry-Leading Integration: Achieved full front-to-back office integration under a unified operating model, a goal many asset managers have aspired to.
Phased Transformation Success: Successfully delivered the transformation over multiple phases, with all fund managers going live after 2 years.
Strengthened Custody and TA Model: Our custody and Transfer Agency operating model is now available to other clients. Together with the client and State Street we helped standardised this model, setting a new benchmark for the industry.
Enhanced Performance and Attribution Capabilities: Our collaboration with the client and State Street to build interfaces with third-party tools like MSCI has now established a best-in-class solution that benefits multiple clients.
Market-Ready ADP: In collaboration with State Street, we developed the first market-ready version of the Alpha Data Platform, significantly maturing the platform and enhancing its offering in the industry.
Expertise to Overcome Challenges: Addressed issues caused by a previous consultancy’s lack of delivery experience, establishing a solid foundation for continued operational growth.
Effective Collaboration: Leveraged our long-standing relationship with CRIMS and State Street to resolve key challenges and drive the project forward.
Long-Term Strategic Support: Continued to support the client in achieving strategic goals, demonstrating the long-term value added to their operations and growth.
Improved Operational Growth: Empowered the client to pursue sustainable growth through enhanced operational capabilities and strategic alignment.